According to the latest announcement from the Tax Administration of the Republic of Croatia the value of last week’s taxable invoices (23rd Aug – 29th Aug) increased by 41.5% YoY. Compared to the same period in 2019 the value of taxable invoices increased by 14.2%.

The weekly data issued by the Croatian Tax Administration, a department of the Ministry of Finance, stated that the total value of taxable invoices issued last week is up by 41.5% YoY (or HRK 1.6bn), reaching HRK 5.6bn. Compared to the same period in 2019 the value of taxable invoices is up by HRK 694m or 14.2% leading up to HRK 5.6bn.

Increase in taxable invoices in wholesale and retail trade in the same period was at 25.4% (or HRK 645m) which amounted to HRK 3.2bn. Compared to the same week in 2019, value of invoices is up by 12.6% (or HRK 357m).

Meanwhile, the value of taxable invoices from accommodation and food services activities increased by 101.5% YoY (HRK 680m) to 1.3bn. The reasons behind such a significant raise could arguably seen in a low base effect (travel restrictions and epidemiological measures which were in place in Croatia last year) as well as Croatia being one of the safer countries to travel to this summer as per European Centre for Disease Prevention and Control. Comparing the same period in 2019 the value of invoices increased by 20.5% (or HRK 229m).

We note that the accommodation and food services activities in Croatia are flourishing (on a YoY basis) as a result of more favorable epidemiological situation compared to other popular holiday destinations and because of more lenient travel restrictions.